Are you planning to rent a home or an apartment in Los Angeles? Then you would need an insurance policy to give financial protection to your belongings. If you think your landlord’s insurance would be enough to give you coverage in unpredictable situations like fire or theft, then you are wrong. The property insurance policy of the landlord would protect only the building, while your personal properties and belongings would be at stake. As a tenant, you need to find a reliable agency in Los Angeles from whom you will get the renter’s insurance.
According to the Insurance Information Institute poll of 2014, only 37% of renters possess the renter’s insurance, while 95% of homeowners have the proper homeowners insurance. This shows that most people incorrectly assume that they would be covered by their landlord’s policy. Another reason for not buying the insurance is they do not have proper evaluation of the belongings. If you sum up the value of your clothing, electronics, and furniture, it won’t take you long to get thousands of dollars. If you add all the belongings, right from the gadgets, the show pieces, books, and such others, it would probably cost nearly a million. So, are you ready to sacrifice this amount by not purchasing coverage? Another thing that most tenants overlook is the liability coverage included in renter’s insurance. In case, there is someone injured in the house or within the premises – a neighbor, a friend, the mailman or even the pizza delivery person, you can be sued by them.
There are several benefits of buying renter’s insurance in Los Angeles, which are as follows:
The average cost of renter’s insurance in Los Angeles is affordable. The total premium amount depends on several factors like age, type of coverage chosen, the amount of coverage you need, location where you reside, amount of deductible, and so on. So, while choosing the rented place, keep in mind about the location. If the locality has a bad reputation for frequent thefts, it is likely that your premium amount will increase.
The best renter’s insurance in Los Angeles covers loss against your property, which includes jewelry, clothes, computers, furniture, luggage, electronics, and such other things. Even if you do not have many belongings, as you have moved to a new city, it might add up to a value, which you would definitely not want to pay and replace everything.
The standard HO-4 policy, designed for tenants, gives coverage to personal belongings, if that gets damaged due to the following reasons:
- Fire or lightning
- Damage caused by aircraft
- Volcanic eruption
- Weight of ice, snow or sleet
- Damage caused by vehicles
- Riot or civil commotion
- Vandalism or malicious mischief
- Windstorm or hail Falling objects
- Damage from water or steam from sources including air conditioning, household appliances, heating, plumbing, or fire-protective sprinkler systems.
A standard policy does not cover losses resulting from earthquakes and floods. You need to have a separate policy for those perils. Make sure you understand what the policy covers before purchasing.